All You Need To Know About Tripartite Agreements

In case a home buyer purchases a property taking a home loan, an agreement is signed among the buyer, seller and the financial institution. This legal document is known as a tripartite agreement, as three parties are involved in the process.

This document is of utmost important, especially if you are buying an under-construction property. While safeguarding the interests of the home buyers, the agreement also states that if the borrower defaults on the loan, the property will be transferred to the lender and the builder has to accept the new owner.

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